Hello Everyone,
Quick comments: Bloodbath for the market with the SPX closing down 95 points or -2.1%, while the Nasdaq 100 lost -3%. Last Friday the major indexes broke their uptrend symmetry, which ended up playing out with lower high rallies put in earlier this week. Very short term if the market puts in a bounce in the morning be aware that margin calls will probably cause that rally to fail later morning. We'll of course review things over the weekend.
Precious Metals have had an amazing week and I hope you caught some of these names! GDX,GDXJ, GOLD, AUY, FNV, GFI to name a few. I think this market has begun a longer term uptrend now, though short term it may be a bit extended.
Remember, we have a 3 day weekend this week with the market closed on Friday for Presidents Day.
Matt
